The report also features information on how to access the office’s resources and engagement opportunities.
09/01/2023 11:25 A.M.
1.5 minute read
Consumer Financial Protection Bureau Ombudsman Wendy Kamenshine issued the office’s 2023 Midyear Update, outlining how its work resulted in the CFPB reviewing and standardizing consumer complaint process timeframes.
The process was evaluated after a consumer was not able to submit feedback on a company’s response to their complaint. Once a company responds, consumers have 60 days to provide any feedback. The CFPB learned the 60-day period started in line with the time of day the consumer submitted the complaint, and has since standardized the consumer complaint process timeframes.
The update also includes a summary of recent post-examination surveys of supervised entities. The survey asks companies what worked well, what didn’t work well, and what they would change related to supervision materials and resources, interpersonal communications and the end of the examination.
Later this year, the ombudsman will provide the CFPB with a summary of the survey participants’ feedback and recommendations. This will be included in the annual report.
The role of the ombudsman’s office is to provide independent, impartial and confidential resources for consumers, banks and nonbanks in resolving issues with the bureau. In that role, it also makes recommendations to the bureau.
Additionally, it offers engagement opportunities to meet with consumers, financial entities and consumer or trade groups, including an “Ombudsman Interactive” at conferences and meetings to share emerging trends, described in the 2022 annual report (PDF).
The ombudsman’s office will release its complete annual report for 2023 toward the end of the year with more details on these topics as well as summaries of its forum and interactive meetings.
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